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Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices – July 31, 2012

NAV

$9.94

MKT

$8.73

Total Return Performance

Periods ended July 31, 2012

NAV

MKT

1 Month*

-2.55

%

-2.13

%

Year to Date*

3.76

2.46

One-Year

-6.70

-2.50

Three-Year Average Annual

12.13

13.90

Five-Year Average Annual

-1.15

-2.79

10-Year Average Annual

8.78

8.09

*Not annualized

Portfolio Diagnostics

Wtd Average Geometric Market Cap:

$311 million

Wtd. Average P/E Ratio:

15.5x*

Wtd. Average P/B Ratio:

1.3x

Net Assets Applicable to Common Stock:

$346 million

Net Leverage:

12.0%

*Excludes 21% of portfolio holdings with zero or negative earnings as of7/31/12.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stock.

Portfolio Composition

Top 10 Positions

% of Net Assets

1. Kennedy-Wilson Holdings

1.8%

2. America’s Car-Mart

1.2

3. Epoch Holding Corp.

1.2

4. Tennant Company

1.1

5. Raven Industries, Inc.

1.1

6. Advisory Board (The)

1.1

7. Flexsteel Industries

1.1

8. Richard Electronics, Ltd.

1.1

9. Sapient Corp.

1.0

10. Quaker Chemical

0.9

Top Five Sectors

% of Net Assets

1. Industrials

28%

2. Information Technology

23

3. Financials

21

4. Consumer Discretionary

13

5. Materials

9

Recent Developments

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock (RMTpra) are listed and traded on the New York Stock Exchange. The Fund’s investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $500 million or less.

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